Base lending yields finally normalized.
As capital flowed in, the old 2–3% USDC premium compressed to ~50bps, pulling rates back in line with Ethereum. Liquidity does what liquidity always does.
As capital flowed in, the old 2–3% USDC premium compressed to ~50bps, pulling rates back in line with Ethereum. Liquidity does what liquidity always does.
👍8
Alts had a brutal year.
Only ~6% are up YoY, while the average token is down ~70%. That’s not rotation — that’s capitulation.
Only ~6% are up YoY, while the average token is down ~70%. That’s not rotation — that’s capitulation.
👍9❤1
Liquid staking is no longer a one-horse race.
Competing LSTs absorbed ~4.5M ETH — nearly 30% of new stake — while Lido’s share slid from ~90% to ~65%. Distribution is finally happening.
Competing LSTs absorbed ~4.5M ETH — nearly 30% of new stake — while Lido’s share slid from ~90% to ~65%. Distribution is finally happening.
🔥7
Prediction markets are already an oligopoly.
Kalshi, Opinion, and Polymarket control ~96% of volume, while everyone else fights over scraps, and users concentrate even harder than volume. Polymarket stands out with ~2M all-time users, which explains a lot.
Kalshi, Opinion, and Polymarket control ~96% of volume, while everyone else fights over scraps, and users concentrate even harder than volume. Polymarket stands out with ~2M all-time users, which explains a lot.
❤2
Perps liquidity is clustering fast.
Hyperliquid, Aster, and edgeX are soaking up most of the action amid metals volatility, with Lighter trailing close behind. HIP-3 fees alone are printing $3-4M+ on strong days for Hyperliquid.
Hyperliquid, Aster, and edgeX are soaking up most of the action amid metals volatility, with Lighter trailing close behind. HIP-3 fees alone are printing $3-4M+ on strong days for Hyperliquid.
❤4
Tokenized real estate sits at ~$392M across 58 properties, and it’s highly concentrated.
The US and UAE make up nearly 80% of value, while just three platforms control 74% of the market. Growth is narrow too: Polygon and Solana are the only chains still expanding.
The US and UAE make up nearly 80% of value, while just three platforms control 74% of the market. Growth is narrow too: Polygon and Solana are the only chains still expanding.
❤7
A new weekly research I hope you've been waiting for ↓
General
➖ Galaxy: Crypto M&A Insights
➖ Galaxy: Weekly Top Stories - 01/30/26
Market
➖ CoinShares: Crypto market structure legislation (CLARITY Act): what it is, where it stands, and why it matters
➖ CoinShares: Market update - January 30th, 2026
➖ CoinShares: Equities update | January 30th 2026
➖ CoinShares: The liquidity lens: lessons from 2025 and a look ahead
➖ CoinShares: Digital asset fund flows | February 2nd, 2026
➖ CoinGecko: Market Share of Centralized Crypto Exchanges, by Trading Volume
➖ Binance: Weekly: Dollar in Freefall, Bitcoin Mining Stocks Rise
➖ Glassnode: Stress Builds Below Resistance
➖ Glassnode: BTC Market Pulse: Week 6
➖ Galaxy: Fed Pause, Gold Surges, and Macro Volatility
Blockchains & networks
➖ Cryptorank: The State of TRON H2 2025: Stablecoin Settlement at Scale Amid Rising Competition
Tokens & currencies
➖ 4pillars: KNTQ Thesis: 17x, Heavily Coded
➖ The Defiant: Ethereum Supply Tightens With 45% of ETH Locked: Sygnum
➖ Galaxy: Bitcoin Drawdown Nears 40%; Weakness Suggests Lower Prices Coming
General
➖ Galaxy: Crypto M&A Insights
➖ Galaxy: Weekly Top Stories - 01/30/26
Market
➖ CoinShares: Crypto market structure legislation (CLARITY Act): what it is, where it stands, and why it matters
➖ CoinShares: Market update - January 30th, 2026
➖ CoinShares: Equities update | January 30th 2026
➖ CoinShares: The liquidity lens: lessons from 2025 and a look ahead
➖ CoinShares: Digital asset fund flows | February 2nd, 2026
➖ CoinGecko: Market Share of Centralized Crypto Exchanges, by Trading Volume
➖ Binance: Weekly: Dollar in Freefall, Bitcoin Mining Stocks Rise
➖ Glassnode: Stress Builds Below Resistance
➖ Glassnode: BTC Market Pulse: Week 6
➖ Galaxy: Fed Pause, Gold Surges, and Macro Volatility
Blockchains & networks
➖ Cryptorank: The State of TRON H2 2025: Stablecoin Settlement at Scale Amid Rising Competition
Tokens & currencies
➖ 4pillars: KNTQ Thesis: 17x, Heavily Coded
➖ The Defiant: Ethereum Supply Tightens With 45% of ETH Locked: Sygnum
➖ Galaxy: Bitcoin Drawdown Nears 40%; Weakness Suggests Lower Prices Coming
🤝9
Ethereum scaling is actually doing its job now.
Usage keeps climbing while network footprint shrinks — post-Fusaka, L1 and L2 activity flipped from lockstep to inverse (r ≈ −0.67). That’s what breaking the congestion tradeoff looks like.
Usage keeps climbing while network footprint shrinks — post-Fusaka, L1 and L2 activity flipped from lockstep to inverse (r ≈ −0.67). That’s what breaking the congestion tradeoff looks like.
👍2
Robinhood is trading at ~36.7× earnings while markets are bleeding.
All the core metrics are still moving up and to the right — valuation isn’t reacting to macro the way you’d expect. That disconnect is doing the talking.
All the core metrics are still moving up and to the right — valuation isn’t reacting to macro the way you’d expect. That disconnect is doing the talking.
❤3
DeFi never really cracked options beyond prediction markets.
If Hyperliquid can bring options on-chain without eating its own perps flow, that’s a meaningful unlock. Pulling a real options market on-chain would be a step-change, not an iteration.
If Hyperliquid can bring options on-chain without eating its own perps flow, that’s a meaningful unlock. Pulling a real options market on-chain would be a step-change, not an iteration.
❤7
Maple now sits on $2B+ in stablecoin deposits.
That capital is earning yield directly from institutional borrowers.
That capital is earning yield directly from institutional borrowers.
👍2
Sky printed roughly $340M in revenue in 2025, putting the DAO in the top tier of crypto earners.
At the same time, USDS transfer volume jumped ~400% YoY, hitting ~$260B in Q4. That’s usage scaling, not just fees.
At the same time, USDS transfer volume jumped ~400% YoY, hitting ~$260B in Q4. That’s usage scaling, not just fees.
👍5
Uniswap web traffic just hit a multi-year low, down ~60% YoY.
Retail attention has drifted, but usage hasn’t vanished — Curve DAUs are sitting at ATHs. Frontends fade, rails keep running.
Retail attention has drifted, but usage hasn’t vanished — Curve DAUs are sitting at ATHs. Frontends fade, rails keep running.
👍3❤1
Ethena’s FDV-to-fees ratio compressed to ~5.8 in January, while fees hit $29M (+32% MoM).
With ENA trading near ATL, the playbook is clear: push USDe into TradFi and CeFi, embed it deeper as collateral, and optimize duration and yield as rates roll over. If execution lands, Ethena likely looks very different in a lower-rate regime.
With ENA trading near ATL, the playbook is clear: push USDe into TradFi and CeFi, embed it deeper as collateral, and optimize duration and yield as rates roll over. If execution lands, Ethena likely looks very different in a lower-rate regime.
👍4❤2
SparkLend held $5.29B in supplied assets, almost entirely on Ethereum.
The protocol stays conservative by design — ETH, BTC derivatives, and USD stables only. It’s less about yield chasing, more about capital staying put.
The protocol stays conservative by design — ETH, BTC derivatives, and USD stables only. It’s less about yield chasing, more about capital staying put.
👍5
EtherFi’s monetization profile looks nothing like a retail fintech.
ARPU sits around $256 — higher than Wise or Revolut and in the Chime/SoFi range — with only ~21K funded accounts. Small surface area, institutional-grade economics.
ARPU sits around $256 — higher than Wise or Revolut and in the Chime/SoFi range — with only ~21K funded accounts. Small surface area, institutional-grade economics.
👍3❤2
ETH-heavy markets on Aave are feeling the drawdown, with aggregate ETH exposure down over a third from January highs.
But Plasma is bucking the trend, running the highest utilization among $1B+ markets thanks to stablecoins and yield-bearing wraps. As risk-off sets in, capital keeps clustering around stables — Base saw it too with fresh syrupUSDC collateral.
But Plasma is bucking the trend, running the highest utilization among $1B+ markets thanks to stablecoins and yield-bearing wraps. As risk-off sets in, capital keeps clustering around stables — Base saw it too with fresh syrupUSDC collateral.
👍4❤1